Americas top stories: weekly summary
HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 2 February.
devaluation too deep, too early while economy
enters ‘profound recession’ –
The new Argentinian government’s peso devaluation in December came too early and was too deep, not helping reduce the gap between the official peso rate the unofficial ‘blue dollar’ and probalby fueling inflation further, according to the director at Buenos Aires-headquartered Fundacion Capital.
leading business barometer flat in January, US
The ICIS global leading business barometer (LBB) was flat month on month in January and off 0.7% year on year – following a monthly decline of 0.1% and year-on-year decline of 0.8% in December.
INSIGHT: Fed may
signal lower rates, setting up chemicals
The Federal Reserve may signal on Wednesday that it will take future interest rate hikes off the table, setting up the conditions needed to trigger a restocking cycle in the chemical industry in the US by loosening monetary policy.
US NGL supplies
to grow as oil output exceeds forecast –
US oil production will likely exceed the forecast that Enterprise Products made in 2023, and that should lead to more natural gas liquids (NGLs) that petrochemical producers can use as feedstock, the midstream company said on Thursday.
sees durable goods demand recovery in H2 2024,
firm PE prices – CEO
Global durable goods demand should finally pick up in H2 2024 on falling interest rates and inflation, ending the longest such downturn in history, said the CEO of LyondellBasell.
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